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How Much Can I Borrow?

Application Type

Single Joint
Gross Income:
Term of Loan:
Disclaimer: Whilst every effort has been made to ensure the accuracy of this calculator, the results should be used as an indication only. They are neither a quote nor a pre-qualification for a home loan.

Saving money the smart way

If you want to invest in property, getting that all-important deposit may involve a few lifestyle changes in order to save appropriately. But cutting down your living costs is not as difficult as you might think. Here are Choice Home Loans’ top tips for s
  1. Start a savings plan – Make a list of all your essential living expenses and ask yourself, “How much can I afford to save each month from my salary?” Then set up a direct debit for that amount to go into a dedicated savings account every pay day. This way, you will not be tempted to skip or reduce the contributions.
  2. Increase your income – Having a money-earning project on the side of your full-time job can also boost your savings faster. You could sign up to test products at a market research company, start a freelance writing or graphic design business if you’re a creative type, or even sell clothing and goods you don’t use anymore on eBay. Depending on the type of project or income generating approach you choose, you should consult with your accountant for any applicable tax considerations.
  3. Pay down your credit card – Paying down credit card debts is another key way to minimise your costs and maximise your savings for your first home loan. Not only will you reduce the amount of interest you’re paying, you’ll also improve your credit rating and your chance of getting your home loan application approved.
  4. Make your money work for you – Make sure the account you are putting your deposit savings in is earning high interest rates, so your money accumulates faster. Many banks have accounts designed specifically for home buyers, with extra interest incentives if you contribute regularly.
  5. Boost your savings – As well as putting a portion of your regular wages aside, it’s important to also use one-off cash payments to boost your deposit savings. If you get a substantial windfall from a work bonus or tax refund, put it into your savings account before you’re tempted to splash out with it.

If you really want to buy your first home but are struggling to figure out how, Choice Home Loans can help. Our brokers will take you through your financial options and give you all the advice you need, tailored to the needs of you and your family.
To find out more, speak to a Chocie hOme Loans broker today!